§ Mr. Trotter
asked the Chancellor of the Exchequer whether he proposes that roll-over relief for capital gains tax purposes on the sale of compensation stock issued to holding companies on the nationalisation of subsidiaries in the aircraft and shipbuilding industries will be allowed if the proceeds of sale are reinvested by any trading member of its group which reinvests in qualifying assets.
§ Mr. Denzil Davies
As the Chief Secretary announced in the Budget debates we intend to put down a new clause in Standing Committee of the Finance Bill so as to enable parent or consortium companies with gains arising from the aircraft and shipbuilding nationalisation to make claims for roll over relief if the compensation is invested in qualifying assets [Official Report, 8th April 1976, c. 766]. This will extend to cases where the reinvestment is made by a trading member of the same group.